Mitsubishi is promising upwards of 200 jobs and more than $18 million in investments when it moves its headquarters from Orange County, California to Franklin. They are also receiving tax incentives from the state.
Under state law, the tax credits they get are confidential. However, cash the car maker will get from the state will be public record.
Mitsubishi will receive reimbursement for job training, infrastructure or relocation costs as part of the state’s FastTrack cash grant incentive, according to Scott Harrison with the Tennessee Department of Economic and Community Development.
Mitsubishi’s new office location will likely be in Cool Springs. Nissan, which has a partnership with Mitsubishi, and MARS Petcare also have headquarters in that part of Franklin.
“They’re coming because of the quality of life, low taxes and educated workforce,” Franklin Mayor Ken Moore told News 2. “They’re coming to a beautiful place.”
Mitsubishi confirmed that they chose Williamson County because of the quality of life, schools, no state income tax and the cost of living.
The average home price in Williamson County is close to $550,000.
According to Zillow, the average home price in Orange County, California, where the company is currently located, is north of $700,000.
“It is expensive to live in Franklin. We’ve been looking at a number of initiatives to try and create more workforce housing in our community,” Moore said. “We’re not completely there yet. It’s going to be a long process to do that. $525,000 is a lot of money for the average home in Franklin. These people are going to get a bargain in their minds when they come here. They won’t all locate in Franklin, Tenn. They’ll locate all over the Mid-State region.”
According to the President of the Greater Nashville Realtor’s Association, with multiple companies moving to Tennessee, the demand for housing is increasing as well as prices.
While 60 employees will be invited to move with the company from California, anywhere from 140-200 corporate jobs will be filled locally.
There are no plans for Mitsubishi to move production from Japan and Taiwan to Franklin.